Lep Logistics, Inc.
Lep Logistics, Inc. of Cedar Rapids, Iowa operates in the couriers and express delivery services industry (NAICS 492110). The company was financed with an SBA 7(a) loan for a change of ownership totaling $535,000, approved on January 31, 2025 by Stearns Bank National Association.
SBA 7(a) loan, change of ownership, approved Jan 31, 2025
$535,000 approvedLender: Stearns Bank National Association10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $535,000
- SBA-guaranteed amount
- $401,250 (75% of the approval)
- Lender
- Stearns Bank National Association, Saint Cloud, MN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- January 31, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $7,144 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 14, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 24
- Business type
- Corporation
- NAICS
- 492110, Couriers and Express Delivery Services
- Project location
- Linn County, IA
- SBA district office
- Des Moines District Office
- Congressional district
- IA-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 4% of acquisition loans in Couriers and Express Delivery Services on this site.
- Average acquisition loan in Couriers and Express Delivery Services: $1,263,343.
- Average acquisition loan in Iowa: $1,701,244.
Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.
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Same industry in Iowa
- Black Hawk Transport Inc, Sioux City